While New Zealand businesses are beginning to realise the immense commercial potential that exists in India, a senior banker is keen to assist in their efforts.
Bank of India (NZ) Limited Managing Director Ranjitkumar Amarendra Jha said that he was keen that the Bank should be an active player in the retail-banking segment.
“Bank of India can be an active catalyst in the development of trade between New Zealand and India,” he said during an informal conversation with Indian Newslink.
Stating that the Bank in New Zealand performed well during the 2013-2014 financial year, Mr Jha said that business mix accounted for $67 million.
“I hope that the Bank would have steady growth during the current financial year with continued focus on retail growth,” he said.
As per the figures released by the parent company, total deposits of Bank of India as at March 31, 2014 was $95.73 billion, up from $76.63 recorded during the corresponding period in 2013. The Bank’s total advances moved up to $74.53 billion (from $58.13 billion). The global business mix was $170.26 billion ($134.76 billion).
The Bank recorded a net profit of $597.35 million out of an operating profit of $1.68 billion during the last financial year, serving 61 million customers through 45,000 employees.
Mr Jha took charge of Bank of India in New Zealand late last year, bringing with him about 30 years of service with the parent institution.
A graduate of the University of Bombay (now called ‘University of Mumbai) and an Associate Member of the Indian Institute of Bankers, he joined Bank of India as a direct recruit officer in 1984.
His tours of duty have seen him in different capacities in various departments, offices and branches of the Bank including Treasury, Credit, Insurance, Chief Foreign Exchange Dealer (BOI Hong Kong) and Fund Manager (SUD Life Insurance Co Ltd, a joint venture of BOI with Dai-ichi Japan and Union Bank of India).
Prior to his current assignment, Mr Jha was Business Development Manager in Howrah (West Bengal), responsible for the growth of more than 50 Branches.
Bank of India New Zealand has two branches, one each located at Epsom (10 Manukau Road) and Papatoetoe (31 East Tamaki Road).
Inaugurating the Epsom Branch on October 6, 2011, the then Reserve Bank of New Zealand Governor Dr Alan Bollard gave a clean chit to the Indian banking system saying that commercial banks in India were well regulated and showed resilience, similar to their New Zealand counterparts.
“The Indian banking system is strong and responsive, complimenting the country’s economic growth. The Reserve Bank of India has established robust systems and procedures that have proved to be effective. Many New Zealand banks depend on India for their back office support systems and that the link was getting stronger,” he said (Indian Newslink, October 15, 2011).